What is the best conclusion that can be drawn from this chart?
| Rank | Country | GDP (US Dollars) |
|------|--------------|------------------|
| 1 | United States | $17.42 trillion |
| 2 | China | $10.35 trillion |
| 3 | Japan | $4.60 trillion |
| 4 | Germany | $3.87 trillion |
A. Germany has a much larger economy than Japan does.
B. The economies of the United States and China are almost even.
C. The US economy is about the size of the other three combined.
D. China will most likely be the top-ranking economy on the chart in the following year.
Answer (1)
Calculate the combined GDP of China, Japan, and Germany: 10.35 + 4.60 + 3.87 = 18.82 trillion.
Compare the US GDP ( 17.42 t r i ll i o n ) w i t h t h eco mbin e d G D P o f t h eo t h er t h ree : \frac{17.42}{18.82} \approx 0.9256$.
Assess that the US economy is approximately 92.56% the size of the other three combined, so it's about the size of the other three combined.
Conclude that the best conclusion is: The US economy is about the size of the other three combined. The US economy is about the size of the other three combined.
Explanation
Analyzing the Problem We are given a table that shows the GDP (in US Dollars) of the top 4 countries. Our goal is to determine the best conclusion that can be drawn from the chart. Let's analyze each option.
Evaluating Option 1 The first option is: Germany has a much larger economy than Japan does. According to the table, Germany's GDP is $3.87 trillion, while Japan's GDP is $4.60 trillion. Therefore, Germany's economy is smaller than Japan's, making this statement false.
Evaluating Option 2 The second option is: The economies of the United States and China are almost even. The US GDP is $17.42 trillion, and China's GDP is $10.35 trillion. The difference between them is $17.42 - $10.35 = $7.07 trillion. This is a significant difference, so their economies are not almost even, making this statement false.
Evaluating Option 3 The third option is: The US economy is about the size of the other three combined. The combined GDP of China, Japan, and Germany is $10.35 + $4.60 + $3.87 = $18.82 trillion. The US GDP is $17.42 trillion. Comparing the US GDP to the combined GDP of the other three, we have $17.42 / 18.82 ≈ 0.9256 . This means the US economy is about 92.56% the size of the other three combined. Therefore, the US economy is about the size of the other three combined, making this statement true.
Evaluating Option 4 The fourth option is: China will most likely be the top-ranking economy on the chart in the following year. Based on the given data, we cannot predict future economic growth or changes in ranking. This statement is speculative and cannot be concluded from the chart.
Final Conclusion Therefore, the best conclusion that can be drawn from the chart is that the US economy is about the size of the other three combined.
Examples
Understanding the relative sizes of economies can help in making informed decisions about international trade and investment. For example, if you're a business owner looking to expand internationally, knowing the GDP of different countries can help you prioritize markets with the greatest potential. Similarly, policymakers use GDP data to assess the economic health of their country and make decisions about fiscal and monetary policy. Knowing that the US economy is about the size of the next three largest economies combined gives a sense of the US's economic influence.
